23rd Dec 2016 07:39
LONDON (Alliance News) - Social housing company Civitas Social Housing PLC on Friday announced a GBP15.0 million deal to acquire a portfolio of supported-living properties in Gloucester, Weston-Super-Mare, the Wirral and Durham.
The off-market purchase comprises the freeholds on 17 supported-living properties, each of which is subject to a 25-year lease with two housing associations: Westmoreland Supported Housing Association and IKE Supported Housing Ltd.
The deal is the second announced by Civitas since it raised GBP350.0 million by floating on the London Main Market in November. Earlier this month, it had agreed the GBP65.0 million acquisition of 28 supported-living properties in London, the Midlands and southern England.
"We are pleased to have completed our second investment so quickly after IPO and our first investment announced last week. This further diversifies our portfolio of supported living properties and begins to broaden the number of counterparty housing associations with whom we work," said Chairman Michael Wrobel.
"This acquisition is expected to deliver excellent returns for our shareholders and provides superior long term housing for a further 120 residents across the portfolio," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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